India’s solar boom: Record-breaking 10 GW capacity added in Q1 2024

In a massive boost to the renewable energy sector, solar power has achieved a record capacity addition of 10 GW in the first quarter of 2024. This translates to a significant 5x increase in capacity addition yoy and is equivalent to the total solar capacity additions made in 2023. This is a positive step towards India’s target to establish 500 GW of solar capacity by 2030.

Will this momentum continue in subsequent quarters? Will India achieve its bidding trajectory targets of 50 GW this year? More importantly, where will the finance needed to fund these projects come from?